Leasing a Tacoma?

What are the pros and cons of doing this?

A dealer I was at the other night said:

• There is no interest while leasing.

• All money goes straight toward the price of the vehicle.

• If after the miles/years are up I can decide to buy for the leftover amount.

• If I decide to buy there continues to be no interest.

What is true?

There has to be a catch since this is way better than just buying it from the start. I have never leased before. Set me straight. Thanks

 

Leasing was the worst financial decision I ever made. Won't do it again

 

So the payments during the 3 years do not apply toward the balance of the truck?

 

Please explain. With your current tacoma?

 

I wouldn't lease a vehicle. It's like renting an apartment, you dump a whole lot of money into it and at the end have nothing to show. You can buy it at the end but they usually try to play a bunch of games with you. It's certainly not the 'interest free loan' the dealership is making it out to be.

 

Thanks. I knew something was up. Those guys lie to your faces for a living. I guess you would have to read the entire contract agreement.

 

That's another thing I forgot to add. They told me I could do whatever I wanted to it. Before we began the lease talk I told them I would never lease because I intend on taking this offroad and modding it to death. Then they told me what they did.

 

Bad idea unless this is a fleet vehicle for a business. Its basically renting a car for a long time. At the end you own nothing.

 

Go to a different dealership, that guy is horrible! Either that or tell him to throw out his standard lease and write down everything he said and get him to sign it. Then tell us which dealership this is so we can all jump on this deal!

 

lol. It's stupid how I tell him I'm only buying a 2009/2010 certified. He insists on running numbers on a 2011 since that's all they had in what I wanted.

An hour later I say no thanks and leave. They are soo mad. That's what they get for not listening.

 

That's what I was telling him!

 

When you lease a vehicle at the end of your three years you have the option to trade it in, buy it out right, or you can sell it. If you sell it you the dealership whatever the residual value is. Then the left over money is yours. I just bought my 2011 double cab trd sport. I had asked about leasing just to get an idea. After three years I could by my truck out right for just over 19K. If I sold it I would just owe the dealership the 19K. Also all vehicle maintenance is free.

 

Oh and get this,

They say, "C'mon this is a good deal. Either buying or leasing. It's late. I've only sold 3 vehicles today. If you buy it I only get $50 and the salesman gets his $25"

Mind you this is the sales manager I'm at the desk with. And 5 minutes earlier I had asked him what the salesmen make for a base. He said no base, just commision. $25 a sale! bwahahahahahah. You gotta sell 6 vehicles/day just to make a decent living! What a joke. I was literally laughing the whole time. But he was too dumb to realize I was laughing at him. Because he was laughing back.

 

I leased my 2009 TRD Off Road for $299.00 a month for 5 years. At the end of the lease the buy out is 13K. Adding all my payments for the next 5 years, plus the 13K to buy it out, it was cheaper to do it this way, I am at 0.9%apr, if I would have bought the truck it would have been 4.9% apr. As long as I can come up with the 13K in 3 years

 

Did you put anything down?

 

I leased my truck with no regrets, it gives me lower payments while I'm in school. I pay 345 per month for 5 years, w/ 3k down. After my lease my buyout is 10k. If you factor out my whole payments w/ down payment and buyout I think my interest rate is close to 6%. I did lease mine true Toyota Motor Credit and have heard lots a good things about there finance department. I only leased mine knowing that I would pay cash for it at the end of the lease. I refuse to pay on a car longer the 60 months.

 

Not bad. So they tell you when you sign how much the buyout will be?

Also, at anytime during those first years while leasing can you choose to buy it then? Or you have to wait for the lease to end?

 

Yea. Thanks

 

Yeah when you do the numbers they tell you the buyout for the end of your lease. At anytime I can go online and get my buyout and buy the truck. And if you plan on buying it at the end of your lease then you dont have to worry about millage. The only time you have to worry about going over miles is if you turn it in at the end of the lease.